The Progressive Corporation $PGR Stock Holdings Boosted by Kinsale Capital Group Inc.

Kinsale Capital Group Inc. increased its position in shares of The Progressive Corporation (NYSE:PGR) by 7.7% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 46,236 shares of the insurance provider’s stock after purchasing an additional 3,304 shares during the quarter. Progressive makes up about 2.5% of Kinsale Capital Group Inc.’s holdings, making the stock its 9th biggest position. Kinsale Capital Group Inc.’s holdings in Progressive were worth $12,339,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the company. TruNorth Capital Management LLC lifted its position in Progressive by 210.0% during the first quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider’s stock valued at $26,000 after purchasing an additional 63 shares during the last quarter. Atlantic Union Bankshares Corp purchased a new stake in shares of Progressive during the 2nd quarter valued at $33,000. Westside Investment Management Inc. raised its position in shares of Progressive by 900.0% during the 2nd quarter. Westside Investment Management Inc. now owns 130 shares of the insurance provider’s stock valued at $34,000 after buying an additional 117 shares in the last quarter. Ransom Advisory Ltd bought a new stake in shares of Progressive during the 1st quarter worth $35,000. Finally, Activest Wealth Management grew its position in Progressive by 6,350.0% in the first quarter. Activest Wealth Management now owns 129 shares of the insurance provider’s stock worth $37,000 after acquiring an additional 127 shares in the last quarter. Institutional investors own 85.34% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on PGR shares. Cantor Fitzgerald raised Progressive to a “hold” rating in a research note on Wednesday, August 13th. Jefferies Financial Group dropped their target price on Progressive from $309.00 to $287.00 and set a “buy” rating for the company in a research report on Monday, August 11th. Barclays reduced their price target on shares of Progressive from $271.00 to $257.00 and set an “equal weight” rating on the stock in a research report on Monday, October 20th. Keefe, Bruyette & Woods lowered their price objective on shares of Progressive from $262.00 to $246.00 and set a “market perform” rating for the company in a report on Wednesday. Finally, Citigroup cut their price objective on shares of Progressive from $312.00 to $301.38 and set a “buy” rating for the company in a research note on Thursday, October 16th. Eight research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $269.90.

Progressive Stock Performance

NYSE:PGR opened at $217.16 on Friday. The company has a quick ratio of 0.31, a current ratio of 0.32 and a debt-to-equity ratio of 0.19. The firm’s fifty day simple moving average is $233.53 and its 200 day simple moving average is $252.14. The stock has a market cap of $127.30 billion, a P/E ratio of 11.91, a price-to-earnings-growth ratio of 1.19 and a beta of 0.29. The Progressive Corporation has a twelve month low of $199.90 and a twelve month high of $292.99.

Progressive (NYSE:PGR) last announced its earnings results on Wednesday, October 15th. The insurance provider reported $4.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.04 by ($0.59). The firm had revenue of $21.38 billion during the quarter, compared to the consensus estimate of $21.64 billion. Progressive had a return on equity of 33.88% and a net margin of 12.57%.During the same period in the prior year, the company posted $3.58 EPS. As a group, research analysts predict that The Progressive Corporation will post 14.68 EPS for the current year.

Insiders Place Their Bets

In other Progressive news, insider John Jo Murphy sold 2,218 shares of Progressive stock in a transaction on Friday, September 19th. The stock was sold at an average price of $242.10, for a total value of $536,977.80. Following the completion of the sale, the insider owned 43,506 shares of the company’s stock, valued at approximately $10,532,802.60. This trade represents a 4.85% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Patrick K. Callahan sold 6,420 shares of the firm’s stock in a transaction dated Friday, September 19th. The shares were sold at an average price of $242.22, for a total transaction of $1,555,052.40. Following the sale, the insider directly owned 15,192 shares in the company, valued at approximately $3,679,806.24. The trade was a 29.71% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 58,500 shares of company stock valued at $14,430,089. Company insiders own 0.34% of the company’s stock.

About Progressive

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines, and Property.